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"Let's face it, the world needs more Pee-wee Herman," Apatow told the publication. "I am so excited to be working with Paul Reubens—who is an extraordinary and groundbreaking actor and writer. It's so great to watch him return with such relevance."

Apatow apparently formed the idea for resurrecting the Pee-wee character after catching Reubens' sold-out show in Los Angeles earlier this year. That show is proving to be the first big step in his comeback from exile in the wake of his 1991 arrest for indecent exposure in a Florida porn theater.

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The bow-tied man child is excited to bring the role back to the masses.

"There is no one like Judd in our business—he loves comedy with emotion and heart, and he sees what we do as art," said the 57-year-old Reubens. "I can't believe I'm getting this opportunity to be working with him."